XML 22 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term debt
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Long-Term Debt

Note 6 - Long-term debt:

 

December 31,

 

 

September 30,

 

 

2017

 

 

2018

 

 

(In millions)

 

Kronos International, Inc. 3.75% Senior Secured Notes

$

471.1

 

 

$

463.0

 

Other

 

3.4

 

 

 

2.9

 

Total debt

 

474.5

 

 

 

465.9

 

Less current maturities

 

.7

 

 

 

.7

 

Total long-term debt

$

473.8

 

 

$

465.2

 

Senior Secured Notes - At September 30, 2018, the carrying value of our 3.75% Senior Secured Notes due September 15, 2025 (€400 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $6.7 million.  

Revolving credit facilities – During the first nine months of 2018, we had no borrowings or repayments under our North American revolving credit facility and our European revolving credit facility.  At September 30, 2018, approximately $106.2 million was available for additional borrowing under the North American revolving credit facility.  Our European revolving credit facility requires the maintenance of certain financial ratios, and one of such requirements is based on the ratio of net debt to last twelve months earnings before income tax, interest, depreciation and amortization expense (“EBITDA”) of the borrowers.  Based upon the borrowers’ last twelve months EBITDA as of September 30, 2018 and the net debt to EBITDA financial test, the full €90 million amount of the credit facility ($105.7 million) is available for borrowing at September 30, 2018.  

Other - We are in compliance with all of our debt covenants at September 30, 2018.